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Serbia's sole refinery faces shutdown after US sanctions
Serbia's sole refinery faces shutdown after US sanctions
by  AFP

Serbia's only oil refinery prepared to shut down on Tuesday, as the country's president set a deadline for the firm's Russian majority-owners to sell out and end US sanctions. "It has not been shut down yet, but it is already running at a reduced level compared to normal," Vucic said, weeks after sanctions cut off the refinery's supply of crude oil.

EU gives Germany free pass over defence spending
EU gives Germany free pass over defence spending
by  AFP

Germany will escape EU punishment for breaking the bloc's budget rules because of a defence spending exemption, the European Commission said on Tuesday. Germany's public deficit is expected to be above three percent in 2025, but it will not be punished because it is "fully explained by the increase in defence spending", the EU executive said.

US retail sales miss expectations as consumers see higher costs
US retail sales miss expectations as consumers see higher costs
by  AFP

US retail sales grew at a slower pace than anticipated in September, government data showed Tuesday, as higher prices added to affordability concerns while firms grappled with an uptick in business costs. On Tuesday, Commerce Department figures showed that September retail sales were up 4.3 percent from a year ago.

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